Fiesta Restaurant (FRGI) Misses Q1 EPS by 3c

Fiesta Restaurant (NASDAQ: FRGI) reported Q1 EPS of $0.37, $0.03 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $176.7 million versus the consensus estimate of $175.31 million.

• Comparable restaurant sales at Pollo Tropical were flat, and comparable guest traffic increased 0.1%
• Comparable restaurant sales at Taco Cabana increased 1.7%, and comparable guest traffic decreased 0.8%

he Company will continue to provide a limited, updated set of operating targets for 2016 which do not include any impact or costs related to the potential separation transaction:

• Comparable restaurant sales growth of at least low single digits at both brands;
• Cost of sales improvement of approximately 100 basis points at Taco Cabana and approximately 180 basis points at Pollo Tropical, both as a percent of brand restaurant sales;
• General and administrative expenses of $58 million to $60 million;
• Depreciation and amortization of $36 million to $38 million;
• An effective tax rate of 36% to 37%;
• With some new Pollo Tropical restaurants originally planned to open in late 2016 now anticipated to open in early 2017, we are currently planning to open 30 to 34 new Pollo Tropical Company-owned restaurants and up to four new Company-owned Taco Cabana restaurants this year; and
• Capital expenditures of $90 to $100 million.

For earnings history and earnings-related data on Fiesta Restaurant (FRGI) click here.

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